Evening Star Newspaper, May 18, 1931, Page 15

AFTER WEAK START Break Below Previous Low for Year. BY JOHN A. CRONE. Bpecial Dispatch to The Star. NEW YORK, May 18.—Opening weak, today's curb exhange session slowed its pace after the first half hour and elackened its downward drift at the * ‘same time. Pivotal securities, such as Electric Bond & Share, National Investors, Standard Oil of Indiana, Pennroad Corporation, Aluminum Co. of America, A. O. Smith Corporation, Gulf Oil Corporation and St. Regis Paper broke below previous 1931 record low prices. The action of a number of these leading shares unsettled the rest of the list in the forenoon. Petroleum, Public ‘Utilities, Ralls, Food and Mine Shares, in order named, softened. Then pipe lines, holding companies and investment trusts weakened. Pennroad Corporation was the first rail to establish a mew low figure. Pitts- burg & Lake Erle on its opening trans- action was down 3;, but more than a point above its low. Newberry Co., first of the chains to appear, opened up 2%, but failed to set the trend for the rest of the list. On the other hand the initial trade in the amusement group, National Screen Service, down 2%, proved prophetic for the rest of the division in the forenoon. . Humble Oil in the Standard group Ol in the miscellaneous divi- first petroleum shares to record low quotations for were followed by Indiana G at the noon hour 6,500 !u.ndud Oil of Indiana np' t 24%, the record minimn _ Great Afl.l.nflc & Pldfle Tea sent fln food shares to a good start by gpening up three polnu but within a few trades thereafter Daniel Reeves - - at 2315, its 1931 low. oft 315 & Co, then eased to its former qm heavy all morning, did not. Melk its previous 1931 low of 13% until 12:20 p.m., when it came out 13%. ‘Thereafter lo!;e of its subsidiaries, -~ uotations. - Stutz llot«' and Ford Ltd. were the most active ml. The latter was somewhat firmer the strength of demncesdlflmadech- ration of 125 francs. Cord Corpora- tion was dull and (Copyright. 1931.) 4 MONEY MARKET. NEW YORK, May 18 t(Pll.l—-"ozll money steady; 112 per cent all day. ‘Time loans steady; 60 days, lall> per cent; 3-4 months, 1'2a2 per oznt 5-6 e L oo oo nac me! & cenf - ers’ x.u”rnuu un‘ch‘::ced 30 days, 1%al per cent; 60-90 days, 1%4al per cent; 4 months, 1}4al per cent; 5-6 months, 1%alY, per cent. CHICAGO STOCK MARKET By the Associated Press. CHICAGO, “.’hll. —Following is the ‘ 4 3288588 o %sn-nv; S8R55E) St 14! West fi i W 1. 1 ofipiat 31 SRS Gt Lakes Aircrafi.. . 9800 Gt Lakes Dredge 730 Grigshy-Grunow 50 Hall Print 400 130 Hormel & OB 300 Houdaille-Her A 100 Invest Co of ‘Am 100 Kalamazoo Stove . 250 Kelloge Switch 20 Kellogg Switch pfd . o 0Ky Ot Jr cum pf.... 430 Keystone Steel - gs3sss s8esbiuaaiE 2 SSEE: 2 Eni o 0. 2% % Y s Loda: ;ii All broadcasting stations in Switzer- ~dand are to merge. lp ) Note—All lwcn ln sold in one excepting ~Prev. 1931~ Sales— mlcn, Low. & 6% Stock and Dividend Rate. Aero Underwriters. . Amfliated Pro Alleg Gas... ... those designated by th. h!tcr 8 (80s) (m-). which shows those stocks were sold in odd lots. Owing to break in ticket service this market is incomplete. Add 00. Open. High. Aluminum Co of Am 4501 135 AluCoof Am pf (6). Am Cit PRL B b10%. Am Com P A (b10%) Am Cyanamid B Am Equitie A Gas & Ele (6., Am Invest. Inc (B).. Am Invest war...... Am Laundry Ma (3).175s Am Lt& Trac (2%). Am Maracaibo. . Am Meter (3). Am Sunerpcw Am Utll&Gen (B)vte Am Yvette Co (25¢). 4 Anchor P F (b10%). Appalachian Gas. ... Arcturus Rad Tube. . Arkansas Nat Gas. Arkans Nat Gas A. .. Armstrong Cork (1).150s Art Metal Wks (60c) Asso Gas&EL A (a2). Assoc Rayon pf (6). Assoc Tel Ut (b8%). Atlas Util Corp... ... Atlas Utilities war. . Auto Vot M cv pf pt.. Avintiem Securitie Babcock & W1l (T)... B Slue Ridge Corp. . Blue Ridge cv pfa3. Braz Tr & Lt (b8%) Buckeye P L (4) Bulova cv nf (3% Bunk Hill & Sul (3). Burco Inc war. . Cable Radio T vtc. Cable & Wire B rcts. Canada Marcon!. Carib Syndicate. . 4 Celanese Cp pf (7) Cent Hud G&E (80c) Cent Pow & Lt pf (7) 50s Cent Pub SveA b10% Cent Stat El (b10%). CentStEcvpfnas.. Cent St El pf xw (6). Centrifug Pipe (60c) Chain Store Devel. .. Chain Stores Stock. . Chat Ph Aln.v. (1).. City Sav Bank(p4.19) Cities Service (g20¢c) 4 Citles Serv pf (6)... Cit Sv pf B (60c) Cit Sv pf BB (6) Claude Neon Lts, inc Clev EI fllum (1.60). Cley Tractor (80c) Colon Of1 Colombia Sy Colts Pat Fire A 1%. Col Ol & Gas vtc. Col Pict vte (f1%).. Cmwlith Edison (8)..100s Cmwlth & Sou war.. Com Wat Ser g12%¢ 4 Consol Copper...... Consol Dairy Prod Con Gas Balto (3.60). Cont Sharesconvpf. 1 Cont Shares pf (B). ‘1751 Cooper Bessemer-. . .. 4 Cooper Bess pf A(3). ‘; Curtiss Wright w. Darby Petroleum.... Dayton Alr & Eng... Deere & Co (1.20).... De Forest Radio. Detroit Afrcraft Cp.. Douglas Afr (11%).. Lresser Mfg B (2).. Driver Harris new. . Dubilier Cond & Rad Duquesne Gas Corp. . Durant Motors East G & F As pf (6) East St Pow B (1)... East Util Assoc (2).. East Util Assoc cv. . Eisler Electric Corp. Elec Bond & Sh (b6) 56 9% Elec B & Shcu pf5.. Elec B & 8h pf (6).. Elec Pow Assoc (1). Elec Pow Asso A (1) Elec P & Lt op war. . Emp G-& F cu pt (8) Empire Pub Evans Wall 4 Fageol Motor. .. Fansteel Products Ford M Can A (1.20) Ford Mot Ltd 36 3-5¢ Fox Theater ClA... Gen Aviation....... Gen Elec Ltd (p70c). Gen G&E cv pt B (6) 150s Gen The Eqcv pf(3). 19 Glen AldegCoal (4). & Globe Unf8rwr (15¢ 1 Golden State Milk. .. Goldman Sach T C.. 44 Gt At&Pac Tea nv(6)100s Guif Ofl of Pa (1%). 10 Hamilton Gasrets. .. Hfammond Clock (2) . Happiness Candy . .. Hazeltine Corp (2). . Hoilinger Gold(65¢) Hudson Bay M &S .. Humble OIl (12%).. Hygrade Food Prod. imp Oil of Can (50c) imp O Can reg (50c). Imp Tob Gt Bri t7%¢. Indiana Pipe Line(1) ind Ter {Hu Ol A... Insull [nv (b6%). ... ins Co ofNo Am 12% Insurance Sec (70c). int Petroleum (1) int Products int Utilities B Lialian Suverpow A . Klein (H) pt pf. Kolster-Bt (Am 8h). Lackawanna Sec (4) Lake $ Mines (1.20). Leh Coal & Nav Leonard Ot Libby McNell & L. 2 108 ~rrev. 1951~ High. Low. 24% 184 25 Div Lily Tul Lone St Low. Close. 10 10 18% 174 130% 10 18% 1% 135 18% % Mannin, 1% 132 Mesabl Nat Inv Nat Pub Nat Ser I\ew Jei Noma F Parker Stock ana idend Rate. 4 Long Island Lt (60c) Long Is cu pf B (6).. Magdalena Synd. ... 4 May Rad & Telev(1). 9 Mead Johnson (t4) Mesta Machine (2). . Metal & Mining, Inc. Mid St Pet vic A. Mid West Ut (b8% )+ Mid Roy cv pf (2)... Midland Unit (b6%). Mid WSt Ut (1%).. Mo-Kan Pipe L (A). Mo-Kan Pipe L (B) Moss Gold Mines. Mountain Prod ( Nat American Co. t Bd & S Corp (1). Nat Family Stores. Nat Food Prod B. Nat Fuel Gas (1). Received by Private Wire Direct to The Star Office Bales— Add 00. Open. High. lipCup (1%) 1, 21% 21% 7U8y" Ly ar Gas n 88c. 1 32 32 25s 106 106 106 3 3 g Bow (A). 2 9% T 8314 29% 1% 3 Iron.... . » WRB MRS ND e A pf (165¢) .. estors. . Nat Pub Sv A (1.60). b Sv B (72.20) t Screen Sv ( vice Co. Nat S T Sec A ( Nat Sugar N J (2) Nat Unfon Radio. . Newberry (JJ) 1.10.. New Eng Pow pf (6) rs Zine (13).. ‘mont Min (4). &Hond Ros(+134) Y Steam n (2.60).. Y Telpt (6%4)....1 Y Transft (1).. Niag-Hud Pow (40c) Niag Sh Md (40¢)... Slec Cp(40c). Nor Am Aviat A war. Nor L~rop Gil Corp Nor Bt Pow A (8) 3 Norfuw Zeast Co Ohio Brass (B) () Ohto Copper Overseas Sec. PacG & E1st pf 1%. Pac Tin Cop spec (2 Pandem 011 Rust Pennroad Corp (20c Phila Co new (t1. Phoenix S C pf (3)... Ptlot Rad Tube A Pitney B P n (20¢). Pittsbgh&L E(110)., Pitts Plate G1 (2) Plymouth O1l (1) Polymet Mfg.... Powdrill & Alex (2).. Producers Roy Corp. 4 Prudential Invest Pub Util Hold war. Pub Util Hold Cp xw 4 Pure Oil pf (6 RR&UUI InVA.. nwy & Lt Secur (13). 50 Iiainbow Luin Pr A Reeves (D) (1%) Rellance Manag Roussta Russek’s Int Corp 's Fifth Ave St Anthony Gold. St Regls Paper (1). Salt Creek Pro(1.40). 4 Saxet Co... . Seaboard Util (50c). Secu Corp Gen (40c). Seg Lock & H (50¢c). Selected Industri; Shenandoah Corp Shen Corp pf (al3) Silica Gel ctfs. silver ( Smith ( Isaac) nl’t?) 258 A0)(2).... 108 So Am Goid & Plat. . South Corp. outhld Ro. W Dairy pf ww. SW Penn P&L (1), Spieg May Stern pt. Stand Motors...... Stand Oil of Ind (2). Stand Ol of Ky 1.60. 3 224 9 Stand 011, Ohio (2% ) 1008 Stand Oil. Ohlo (5).. 208 Starrett Corp pf (3). tein(A Stein Cosmetics. Stinnes Stutz M Sun Inv Sunray O1l (b5% ) Swift & Swift Internat (3). 51 Tlmnl Electric (32). ylor Milling (2%) by eck Hughes (60c Tob Prod Exp (10¢) .. Tobacco obacco Tran Con Air Tran. Trans Lux DL P 8. Tri-Cont Corp war. . Tubize Ca Tung Sol Ungerleider Fin Cp.. Un NatGas,Can 11.45. Un Tobacco. . Unit Car Fasten Unit Corp war. Unit Dry Docks. ' Unit Founders. Unit Gas Corp. Unit Gas pf (7).. Unit .t Unit Lt& Pwr pf (6 it Sh U S & Overseas war United States Store; Gnit Store 1 P&LU(a11.02%). Ut PEL B(at102%). Utllity Equities ) & Co (1.60) (Hugo) otor (new), est pt (3) Co (2). Secur. Ltd. . ec, Ltd D. . ilon (B) P (1).. no &Pwr A ( @ B A T L T e - F S CIR PN YRR 0e Mach (2% Vacuum Ol (2 Venezuela Petroim. . Vie Finan Corp(40c) Walgreen Co. Walgreen Co war Wilson Jones (1%) * 60 16 16 16 rates in doliars based on Iast quarteriy or semi-an- *Ex dividend. . ock CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS By the Associated Pres». NEW YORK, May 18.—The following is a summary of important corporation news prepared by the Standard Sta- tistics Corporation, Inc., New York, for the Assoclated Press: Weekly News Review. The resistance to selling following the cut in the New York bank rate to 1! per cent, which was considered the + | ot “encoutaging feature of the stock market of two weeks ago, was again . om 221, 10415 10415 104 000. in evid-nce on Monday of the week just past. But on each succeeding day con- tinuad _selling pressure, concentrated | particularly on leading issues, forced | the ger.cvel list to lower ground. Weak- | cently been reliable indicators of gen- |eral market trend, was particularly in- | | t:resting. The week's downward move- | ment of this group gathered momentum ‘aiur the report by New York Central of a quarterly deficit, and thereafter continued In rcfisction of unfavorable | traffic reports and pesstmum over the only market strength of importance was shown by a few retail trade stocks, especially by Woolworth. The week’s net decline, as measured by the Standard price-index for 90 stocks, was 7.9 points to 114.7 on May 15, from 122.6 on May 8. Although the most notable individual loflu oc- curred among the ralls, all three rruc ted fairly equally. lndllml! fell 8.6 points to 110.1 on May 15, util- ities declined 7.2 poinu to 1649 and rails 6.1 poinutofl lo' for this year. Losses by each nmn recorded on each day of tln M 1 | cept Monday, when each group showed | a gain for the day Further duc | rate of the Ncw York Federal Reserve | Bank to 1 per cent for maturities up to | 15 days added force | in the rediscount | Federal Rescrve | strength to Gove | ticularly to tie to last week's cut te of this and other banks and imparted iment securities, par- berty fourth 4128, A 0,000 New cceived favorabiy and ad bonds sold ise the bond offering of $52 four-year 3s w a few hig at their market refle of the stock m ground by bonds s the standard index clining only 0.3 poi 15, 80 5.1 on May As another result duction of eral Reserve of the severe re- Sowest at that level /. Thereafter with- drawals of funds c a rise to 115 per cent for the remainder of the week. Steel mill activity during the week before last, reports on which were re ay, showed further e ofl after a decline of | | over seven weeks, from the automobile producers, who have maintained operations at unex- pectedly high levels orders, caused mill maintained for the week at 47 per cenf of capacity, unchanged from the weel fore. Tin plate production, which has continued at a rate above the rest of the steel industry, is apparently fall- Boxllfd‘same\lhx!’ uilding permits awarded during April in the United States, flcoo:"dln: to R. G. Dun, exceeded the value of those awarded in March by 13 per cent, continuing a four-month advance, Compared with April, 1930, these per- mits show & drop of 48 per cent, a comparison less unfavorable than that a.hown by uny olher important activity exlc)elvt cruda- oll output for m‘ was estimates Steadier demand operations to be n in the bill-buying | York City | and also p'pe line | (Partly exira. \Pius 4% in Ayable in stock. e u Cadistment R m s 3 i id Illl nmr—no Tegular rate. . by the American Petroleum Institute | to be 6.400 barrels under the preceding week, the first reduction in daily aver- | age output in several weeks. After the efforts made to effect some restriction in oil production, this Jower average is indication of progress. Particularly for East Texas, where much of the diffi- culty in mak.mx proration schedules ef- fective had been encountered, a large cut on daily output for the weck to| May 9 was most welcome news. Freight car loadings for the week ended May 2 gained 16,019 cars over the week before, a fact less encouraging than it appears to be at first when it is understood that the*normal increase for this week of the year would be slightly greater. Favorable statistical reports for lint cotton for April sfowed stocks reduced | and consumption increased. The fact {of an increase in consumption is not ted at this season, but the statistical report due to lower | stocks in definitely encouraging. Cotton cloth in April shows slightly less fa- vorable results, Stocks gained 3 per cent, during the month. Refined copper stocks in North and | South American refineries on May 1 were over stocks on April 1, a develop- ment not unexpected and accounting in some part for the price weakness in evideace during the past two weeks. Electricity oulput by public utilities of the country in the week ended May 9, a figure always watched with interest, | of 1930, hul’i'll was 1;1 lmfl)fi;lemem oflve; the preceding week, wi was of Lpe\' - nt. Improved comparisons with 1930 ln this tleld cannot be unexpected now, since at this time last year the trend downward from levels theretofore prevailing was becoming increasingly marked, whereas the present trend ap- pears to_be more level. ‘Allen Industries passes quarterly pre- ferred divid(‘nfl paid 75 cents March lwaa 2.4 per cent under the same week 1ty Power & Light 1930 nm 21; cmmm:hxn earnings $15.15 against keys, 20223; old ducks, 16; heavy i MESTT NDS. s ¢ BONRY. Low. Close. ma Pw 4l3s '67 991, 90 >548328 -mouv&l..“ llin P & Lsusn 341080 4Jer Cen P4L 55 B 1 Kansas Pow 5s A '4T 3 Koppers G & C 55 471 P& Fa Onio BAT, slas 54 Eemn War s 5 o8 ples LaP 5 h . 7 Southern N G_6: 2 Southw _Gé& 28 100 1 13 Siand Gas & E or ‘06 1092 2 8tand Inv 8§s '37 x 2 &L, 65 2 Super of Tilin 4%as 11 Swite Co 5s 40 1Tenn Elec Pow 55 56 103 42 Texas Elec 5s '60_wi 1 Texas P 5 13 Saxon Pub Wk 55 11 Btinnes 75 '36 xw 26 Stinnes 75 46 xw 1Terni Soc 2 1 Tietz (1, 3 United EI Ser 4 Unit El Ser 7s _1Unit Indust n—New. wi—When issued. Owing to break In ticker market is Incomplete. service Markets at a Glance i g , May 18 (#)—Stocks | shares drop 2 t3 9 poifts. break ih,.rpl, ers touched changes firm: sterling continues gain, Cotton lower; weak Wall Street and Southern selling. Sugar higher; firmer { spot market. Coffee steady; steadier | Brazilian marke CHICAGO.—Wheat easy: larger re- ceipts and good rains Northwest. Corn easy; favorable weather - Southwest. Cattle weak to lower. Hogs lower. CHICAGO DAIRY MARKET. CHICAGO, May 18 (#).—Butter— Recepits, 15913 tubs; Y, creamery extras (92 score), 221 ; standards (90- score car lot), 22 extra firsts (90-91 score), 21%;a21%;; firsts (88-89 score), I{gglzl: seconds (86-87 score), 18a Eggx—- Recelpt.s 35,591 cases; steady; extra firs fresh graded firsts, 117% cwrrom rPcelpls 15a16; storage packed firsts, 18%; storage packed ex- tras, 19%. Poultry, balance alive—Hens firm, . ' steady; two cars, six trucks; fowls, 18a broilers, 28a31: roosters, 12; tur- Epring 19; geese, 9, 00 { STOCK AND BOND AVERAGES By the Associated Press. MONDAY, Yy Week ago... Month ago. Year ago. " BROKERS FORESEE FURTHER SELLING Advices to Customers Today Indicate Expectation of More Lows. By the Assoclated Press. NEW YORK, May 18.—Brokerage house advices to customers today were | inclined to look for further selling, since | United States Steel and American Can | have been hammred so close to parl it is expected that bears will follow | up that advantage.. Comments follow: Smith, Gradam & Rockwell—Prob- | abilities favor continuation of the down | trend. | el | Babcock. Rushton & Co.—Naturally | the wise procedure is to stay away from tho market until such time as the rally makes ity appearance, which ume it would seemfwas not far off. Hornblower & Weeks—We believe the fact that the steel operating capa- city dropped 1 per cent in the course | of the weck in the Youngstown district | and the fact that United States Steel and Américan Can are so close to $100 | a share, indicate the market is bound to be faced with further testing. Redmond & Co.—Although a techni. c21 rally in prices is likely early this week, the stock market does not yet show any clear-cut indications of hav- | are against any prolonged rally at this time. One thing is reasonably certain, however, and that is that no matter how'bad business will turn out to be, prices of many stocks will be carried. high in 1929. place much faith in' the theory that things can get no worse and that they will get bettcr soon. The bottom of | the valley is likely to be much wider than many belleve, and we therefore continue to urge extrems caution in the making of new commitments. Shields & Co.—A very dull and diffi- cult trading market is to be expected fcr the immediate future. The courage of p&?fustonlls who tried to force a jiggling market is not as.strong as it was and the chances of attracting l‘ following to such operations were les- sened by the ccllapse of last week. The best to be hoped is that the market | gracually will Grift into & very narrow | affair where real accumulation can be | looked for. Washington Produce Butter—One-pound prints, 29; tub, 28. Eggs — Hennery, 17al8; ceipts, 16al7. Poultry, alive—Turkeys, hens, 24a2! toms, 20a22; Spring broilers, 36a38; Leghorns, broilers, 28a33; hens, 22a23; | Leghorns, 16; roosters, 12al ducks. 15; keats, young, 75a80; old, 40. Dressed current re- | 70a80; old, 50. Mzats—Beef, 12a131;; veal, 12al4 lamb, 20a22; pork loins, 19; fresh hams, | 19: fresh shoulders, 14; smoked hams, | 23; lard, in packages, 1 n bulk, 11, | Fruits — Cantaloupes, California, umbos, 5.50; standards, 5.00; pon: X strawberries, 2.50a4.0 pineap es. 3.5024.00; apples, box stock, 2.50 | a2.75; bushel baskets, 2.50a2.75, oranges, California, 3.50a4.00; Florida, .50; bananas, 1.0082. per 100, 3.00; honeydews, cherries, 2.25a8.50; bananas, Vegetables—Potatoes, new, 4.0024.50; old, 120-pound sacks, ”GOa, 2.75; Idaho bak: n. 100-pound sacks; | 2.61 s\\(‘etfi 1. 00; cabbage, 75a| 1.0 1.50a1. ’15 string beans, 100 | 300; beets, per crate, 3.00; carrots, per crate, $3.00; kale, 40a50; spinach, 40a50; turnip salad, 25; Spring onions, per 100 bunches, 2.00; radishes, per 100 bunches, 1.00; parsley, 1.50; lettuce, Iceberg, 3.00 | a3.50; asparagus, per dozen bunches, 1.00a3.00; peppers, 2.50a4.50; cauliflower, 2.50a3.00; Sumzer squash, 2.50a3.00; tomatoes, Florida, 3-pan containers, | 1.50a3.00; Mexican, lug% 4:00a4.50. COUNTIES OF MARYLAND PLAN NEW BOND ISSUES Speclal Dispatch to The Star. i BALTIMORE, May 18—The market for municipals continues strong in face of weakness in other securities and de- | mand for high-grade issues is excellent, local brokers report. A number of local issues are scheduled | for sale. These include $510,000 of Frederick County bonds bearing 4 per cent, 41, per cent and 41 per cent, scheduled for sale next Saturday. On May 26 Montgomery County will | offer to the highest bidder $248,000 | bonds bearing 42 per cent interest and | will follow this up on June 9 with an | | offering of $200,000 bonds bearing the | same interest rate. Wicomico County will market $200,000 4'.s on June 2. The largest local issue on the hori- | zon, however, is $1,000,000 State of | | Maryland bonds bearing 4! per cent | interest, for which bids have asked on June 10. Public borrowing in its present high volume promises to continue for some | time due to the strength of the market | and the handsome prices commanded by issues making their appearance. Made Reserve Director. BALTIMORE, May 18 (Special).— Morton M. Prentis, president of the First National Bank of Baltimore, has | been elected a director of the Federal Reserve Bank of Richmond. Mr. Pren- | tis fills the vacancy caused by the| death of Henry B. Wilcox, who was a | vice president of the First National Bank. Mr. Prentis was for several years managing director of the Baltimore | Bnnch of the Richmond Federal Re- 10 Industrials, . 844 | point. | Mays too low just as they were carried too | However, we do not been | s: MAY 18, BONDS. "(Copyrixht, 1931, Standard Statistics Co.) |ALEXANDRIA MINING FIRM GETS CHARTER By a Staff Correspondent of The Star. ALEXANDRIA, Va., May 18 —A char- ter has been granted to Amelia Mines, Inc, with home offices in this city, by the State Corporation Commission.” The corporation, according to its charter, will operate mines and the necessary railroads and accessories County, Va. T. A. Smith of 1330 G street north- west, Washington, D. C., is shown as president of the new company. Homer L. Kitt cf the same address is vice president ond secretary and R. J. Smith of 2718 Woodley place, Washing- ton, is treasurer. Capital stock of $50,000 maximum is authorized in the charter. cago Grain CHICAGO, May 18 (#)—Wheat fell todny to within % cent of the season's low-price record and to about 6 cents {per bushel under last week’s high|§t Late reports of rain and snow in drought territory Northwest and scantiness of export demand for wheat irom North America were largely re- sponsible. A decrease of 2,148,000 bushels in the United States wheat vis- ible supply total failed to act as a counterbalance. WHEAT— old.. ne Close. | May, 84 Ry - | September ing touched bottom, and the chances ) September | December NEW YORK, May 18 (#).—A further decline in cotton today was attributed movement inspired by better weather in the South, weakness in the stock market and relatively east Liverpool cables. Prices for all positions made new low records for the Season, with July con- tracts selling off to 9.15, or lbvm $1.50 per bale below Saturday’s closing quo- tations and nearly a cent a pound bel the high price reached on the rally earlier in the month. The decline brought in scme covering and trade buying, which steadied the mid-after- noon market when prices showed ral- lies of 8 of 9 points from the lowesi, with July selling at 9.26. Low. |CHAIN STORE SAI.ES DROP 4.35 PER CENT But April Figures Surpass Those for 51 Companies During March. According to a compilation issued by Merrill, Lynch & Co., 51 chain store companies, including 3 mail order con- cerns, show total sales for the first four months of 1931 of $1,228,169,642, against $1,284,067,805 in the corresponding pe- riod of 1930, a decrease of 4.35 per cent. The 3 mail order companies alone show sales for the first four months of 1931 of $180,384.554, against $203,336 413 in the first four months of 1930, a decrease of 11.28 per cent. !xc)ufllnz the mail order concerns, 48 companies show sales for the four months of 1931 | of $1,047.785,088, against sales of $1,080,- 731,392 in the same period of 1930, a! decrease of 3.04 per cent. Results for April, 1931, as reported by 51 chain -tore companies, including 3 mail order concerns, show total sales of $334.098443, against $345,153,335 In April, 1930, a decrease of 3.20 per cent. ‘The 3 mail order concerns alone show sales for April of $52,580,477, against $58,259,401 in April, 1930, a decrease of 9.74 per cent. Excluding the mail order concerns, 48 chains show sales for April, 1931, of $281,517,966, against $286.893,- t‘}fllzln April, 1930, a decrease of 1.87 per cent. While the sales for April, 1931, show a decrease over those for the correspond- ing month in 1930, sales for the same 51 companies were reported at $334,- 098,443 for April, 1931, against sales of $306,884,810 for March, 1931, an in- | crease of 8.86 per cent. Cost Committee Named. NEW YORK, May 18 (#)—A com- mittee on cost calculation and budg- | etary control has been appointed by Thomas B. Hill, president of the Silk Association ‘of America, to work with the association’s Committee on Trade Survey, now engaged in a general study of conditions in the silk trade, BALTIMORE STOCKS. Special Dispatch to The Btar. BALTIMORE, May 18.— STOCKS. 20'Arundel Corporation 25 Appalachian Corp & Atlantic Coast Line 435 Baltimore Trust ‘Co. . 3 Black & Decker 1C&"P Telephone Baito ‘pid: Last sale. . 38 10 Equitable Trust Ce é’, flfleluv & Depos 5 Manufacturers Fin Co 50 Maryland Casuait L) T T ELEGTRIC DEMAND INDICATES TURN Consumption Reporis Are More Favorable—Three Industries Advance. Special Dispatch to The Star. NEW YORK, May 18.—April indus- trial operations, while re some- what from the rate of February and March, continued above Midwinter con- ditions by a wider margin than in 1030 and by fully as t a one as in the Spring of 1929, Electrical World reports in its monthly survey of electrical energy consumption in 3,800 manufac- turing plants scattered throughout the country. Activity last month was 2 per cent less than in March; 12 per cent under April, 1930, ‘The deficiency, compared with the corresponding month o! the preceding year, is smaller than it has been; from Midsummer to January it was generally 18 or 20 per cent, the survey report shows. A year ago industry was still on the downgrade; at t the movement, despite fluctuations, seems to have turned. Three Groups Advance. ‘Three lines of industry recorded ad- vances: Food products rose above both March, 1931, and April, 1930, levels; leather manufacturing is 17 per cent above the preccding four-month aver- age; the stone, clay and glass group, with cement manufacture an important constituent, is only moderately below last Spring's level. Both metal-working and the iron and in Amelia | steel industry have dropped back ap- proximately to the January level lnd 25 per cent below that of last April; the metals index, combining the two, declined 10 per cent. In the automobile industry there was a moderate, but quite unseasonal, decline; compared with 1930, the April index is down 20 per cent. Manufacturing Activity Index. ulush. i 139. 16.4 i 23 % o Baltimore Markets Special Dispatch to The Star. . BALTIMORE, Md., May 18.—Potatoes, whlu, 100 rounds 1 25a1.85; new pota= g&s. o ‘2;100:4 sweet poh’!ou. rrel a ms, barrel, 4.50; beans, bushel, {‘Zbfi:lfl 25; 558 <8 Industrial Group, les Chemical moflucn Food product: 35535:325833 pstbea st unmr Sroducts proaucts , Bo r nna uip Rubbe: roducts Shipbutl fuding tone. clay arid glass. 1 Hities sttt a ety 5 per dozen, 1.50a3.00; fowl, each, 50a75; pigeons, pair, 30a35. Eggs—Receipts, 2,119 cases; flrsu, dozen, 17; current receipts, 16’ utter—Good to faney, | to a continuation of the recent selling pollnd, 23%:a26; ladles, 19a20; rol!l 1 packed, 1 17; process, 21a22;. store Hay and Grain, ‘Wheat—No. 2 red Winter, export, g.; No. 2 red Winter, garlicky, spot, [ lN'5 2 domestic, yellow, 72a73. orn—No. ' g 3 cob 3758400, ts—White, No. 2, 38a38%; No. 3, Hay—Receipts, 10 tons, While receipts of hay are ample for all requirements, there is surplus of heavy l:lovu' mixed being offered. Such grades will hnnz;pre.mmmoluwuwwn. depending on the amount of clover. Fair r;rzo'zd timothy ranges from $24 to $26 n. Straw—Wheat straw, No. 1, per ton, 12.00a13.00. Oat straw, No. 1. per ton, 12.00a13.00. Live Stock Market. Cattle—Receipts, 300 head; light sup- P tcrs-<choice. to.prime, none ice ) d to choice, 8.00a8.50;: medium to o 7.00a7.50; fair to medium, 6.25a7.00; plain to fair, 5.50a6.00; common to pluln. 500-550 Bulls—Good to prime, none; good to choice, none; medium to good, 5.00a 5.50; fair to medium, 4.50a6.00; plain to fair, 4.00a4.50; common to plain, Cows—Choice to prime, nane; good to choice, 5.00a5.50; medium o good, . ; fair to medium, 3.50a4.50; Fl.lm to fair, 3.00a3.50; common to pluln, 2.00a3.00. Heifers—Choice to pflme. none; good 1o choice, none 17.25; fair to medlum 6.0026.7: to fair, 5.25a6.50; common to Dmn .25. Fresh cows and Springers, 30.00a70.00. Sheep and lambs—Receipts, 2,200 hea: good supply; market higher; sheep, 1.50a3.50; Spring lambs, 8.00a ‘Hogs—Recepits, 1,700 head; light sup- ply, market lowe: heavies, 6.75a7.10 roughs, 4.75a6.00; light plcs 7.5087. 70‘ pigs, 7.60a7.85. Calves—Receipts, 400 head; light sup- ply, market sbend cnlves. 4.00a8.50, BANKERS OF MARYLAND PUT OFF INTEREST CUT Special Dispatch to The Star. BALTIMORE, May 18—Members of group 5 of the State Bankers' Associa- tion, at their annual banquet last week in Chestertown postponed action on the proposal to reduce interest rates on savings deposits and inaugurate a service charge on small checking ac- counts until the meeting of the Mary- land State Bankers' Association at At- lantic City tomorrow. i Mathias F. Reese, manager of the Baltimore Clearing House, the principal speaker, advocated the creation of a uniform rate of interest to be paid on deposits throughout the State, together with the establishment of a system of exchange of loan information. Among other suggestions for the creation of sound banking practices named by Mrs. Reese are the need of a uniform system by the State banks in computing interest and'a chage for handling overdue paper. Dudley G. Roe of Sudlersville, was elected president of the group; P K. ‘Wright of Easton was named vice pres- ident, and W. Robert Huey of Chester- town, secretary-treasurer, —_ s Merchandise Demand Good. NEW YORK, May 18 (#).—D+wand g;s of cotton goods,